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The Union government on Saturday announced a reduction in fuel prices, with petrol price dropping by Rs 1.86 per litre to Rs 259.10 from midnight tonight. High Speed Diesel (HSD) prices also dropped by Rs 3.32 per litre to Rs 262.75.
Similarly, kerosene prices fell by Rs 2.15 per litre from Rs 171.77 to Rs 169.62, while light diesel prices dropped by Rs 2.97 per litre from Rs 157.02 to Rs 154.05.
The fuel price adjustment is in line with recent global trends, with crude oil prices falling by $2 per barrel to $2.30 in the past two weeks.
Specifically, the average price of gasoline dropped from $82.50 to $80.40 per barrel, while HSD dropped from $90.30 to $88 per barrel. The premium rates for gasoline and HSD are currently $8.47 per liter and $5 per liter, respectively.
The price cut is the latest after petrol and HSD prices were cut by Rs8.47 and Rs6.70 respectively on the eve of Independence Day. The current adjustment reflects the ongoing volatility in the global oil market and is expected to bring some relief to Pakistani consumers.
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